SL opens second Coconut Triangle
By: Isuru Parakrama
Colombo (LNW): Sri Lanka in a bid to strengthen its export earnings has opened its second Coconut Triangle in the Northern Province, linking Jaffna, Mannar and Mullativu Districts, announced Plantation Minister Ramesh Pathirana.
The newly established Coconut Triangle will contribute to the coconut export revenue, and subsequently attribute to the varied array of coconut-based products craved by the global market, the Minister emphasised.
Estimates suggest that coconut-related exports this year could yield as much as USD 700 million, and it is expected that coconut exports will pump a US$ 2 billion into the island nation’s forex earnings.
Sri Lanka has a historical reputation of supplying coconut to the overseas market, whilst using two-thirds of the coconut yield for domestic use. In the backdrop, the necessity to optimise export prospects has been identified, thereby reevaluating the distribution for the global market, Pathirana pointed out.
This bold move has been initiated with the overarching goal to reinforce the nation’s position in the global coconut market and spur economic advancement in the Northern region of the island through augmented coconut farming and refinement.