Rs. 20m profit targeted from banana exports to ME

by Lalin Fernandofulle

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CIC Agri Businesses targets a profit of Rs. 20 million this year from its exports of banana to the Middle East markets, said CEO, CIC Agri Businesses, Keerthi Kotagama. He said the company started cultivating on an 80-acre block in Palwehera last year and earned Rs. 15 million from exports.

The cultivation has helped farmers in the North Central Province to increase their income levels through a profitable market.

"We have provided training to the farmers on growing, processing and packaging techniques. Farmers earn a satisfactory profit from the cultivation before replanting commences every three years", Kotagama said.

"The company sells its produce to the Middle East markets through Dole, an American company. A net profit of Rs. 100,000 from an yield of around 28-30 tons of banana can be earned a year, he said.

The company also has a five-acre seed paddy breeding site at Palwehera. The project commenced with an investment of Rs. 8 million. Kotagama said though 15 people have been employed for the project there will be more farmers with plans to extend the cultivation. CIC Agri Businesses commenced operating its rice mill in Maho last year to reduce the quantity of high quality rice imported from Pakistan, Turkey and Thailand.

He said the country imports around 50,000 tons of Basmathi rice a year and by increasing production we could save money on imports. We have cultivated red and white Basmathi and process 20 tons per day. "We have received orders from the US for red Basmathi and have received inquiries from Australia and the Middle East.