Sundayobserver.lk: Business & Finance |CIC Agribusinesses to venture into Africa

CIC Agribusinesses is exploring the possibility of expanding operations in the African region shortly, said CIC Agribusinesses Director Samantha Ranatunga. He said that negotiations are currently under way with government officials and partners to set up operations in Africa.

CIC Agribusinesses and Agriculture Ministry officials at the media briefing. From left: Professor of Crop Science Faculty of Agriculture, University of Peradeniya, Prof.Buddhi Marambe, Executive Director and CEO CIC Agribusinesses, Waruna Madawanarachchi, Additional Secretary, Ministry of Agriculture, Dr.D.B.T Wijeratne, Managing Director and CEO CIC Holdings PLC Samantha Ranatunga, National Thematic Research Program on Food Security National Science Foundation Dr. Nobel Jayasuriya and Agri Ambassador
CIC Agribusinesses, Wasantha Duggannarala. Pic: Susantha Wijeyagunasekera

“Our joint venture project in Bangladesh has been successful and we hope to start the first season shortly”, he said.Ranatunga was speaking at a ceremony to launch the conference on Global Food and Nutrition Security which will be held on October 17 at the Waters Edge, Battaramula. He said that post harvest losses were below two percent due to the technology used by the company.

“The use of plastic crates for transportation and the imparting of technological know-how have helped reduce waste”, he said. Post harvest losses are currently around 30 percent for fruits and vegetable, said Additional Secretary to the Ministry of Agriculture, Dr. D.B. Wijeratne.

CIC Agribusiness formed a joint venture with Rahimafrooz, a diversified business entity in Bangladesh to expand its Agri business operations in Bangladesh. Rahimafrooz CIC Agri will commence operations in fertiliser, agri machinery, agro chemicals and seeds.CIC Agribusinesses has invested around Rs. 50 million on the project.

“Currently soil and other tests are being conducted to launch a grape wine cultivation project in Kilinochchi. It will benefit a large number of families in the North,” Ranatunga said.

He said that crops were adversely affected due to the drought this year and added that the situation may improve with the on-set of monsoonal rains. The prolonged drought has destroyed around 20 percent of our paddy cultivation.

CIC manages around 10,000 acres of farmland and supports around 20,000 rural farmers. It has an extensive product range in agriculture and livestock such as seed, fertiliser, rice, fruits, yoghurt, curd and eggs.

CIC Agribusiness produces hybrid rice varieties for export and up-end markets in the country.

It conducts research on developing high yielding varieties of seed and technology to boost production and help the country to achieve self-sufficiency in food. The company has invested extensively on agricultural research, food technology and marketing to improve crop yields and the income of farmers.

Ranatunga said that despite a per capita income of over $ 2,000, around 20 percent of households are food insecure.

The malnutrition level is around 12 percent among children below five years and the situation is worse in certain sectors.

Food security is a major issue faced by many countries due to the sharp rise in food prices, diverse weather patterns and shrinking natural resources. It is estimated that rising food prices have pushed 44 million people across the world into extreme poverty.

Further, a billion people go hungry each day due to limited access or resources to secure food supply.

With the world population tipped to cross nine billion by 2050, developing countries will face a daunting task to feed the increasing number of mouths and meet the challenges of food nutrition.

Agriculture Ministry officials said that a program will be launched to enhance food production by introducing high yielding seed varieties and provide food at an affordable price to people.