$ 24m for bamboo processing project

by Nilma DOLE

Sri Lanka's second fastest GDP growth this year is generated by the industrial sector and not by agriculture or the services sector, said Minister of Industry and Commerce Rishad Bathiudeen. According to the latest data, industrial sector growth rate in the early part of 2012 is the leading growth driver posting an impressive 19.6 percent, he said.

“In keeping with the industrial development vision of President Mahinda Rajapaksa, the aim is to make Sri Lanka the economic hub of Asia,” he said.

Approximately $24 m will be invested in the bamboo processing project in collaboration with UNIDO (United Nations Industrial Development Organisation), GEF (Global Environment Facility) and the Ministry of Industry and Commerce.

“The aim is to plant 10,000 hectares of bamboo by 2019 that will generate 150,000 tonnes of dry bamboo annually. This will create 10,000 direct and indirect employment opportunities and generate 300,000 MW of hydro-electricity.” Secretary to the Ministry of Industry and Commerce, Anura Siriwardena said that since 1999, UNIDO has completed several programs amounting to $ 7.5 b in the area of trade capacity building, energy and environment and poverty alleviation.

“The bamboo processing project for which Sri Lanka has received $ 24 m is the largest amount of funding the country has received for bamboo cultivation.