Local palm oil industry set to save US$84 million annually.
- 5opn1
- January 17, 2025
- Business News
- Local palm oil industry set to save US$84 million annually.
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Sri Lanka’s palm oil industry, if strengthened, can save $ 84 million in foreign exchange, and enable smallholders to enter into international value chains through value added palm oil production, AEN Plantations CEO Ruwan Goonewardena disclosed.
“By supplanting our own yearly palm oil requirement for the confectioneries, bakeries, cosmetics, lubricants and pharmaceuticals industries, we can save around $ 84 million,” he said.
Central Bank data between January-July 2024 shows that Sri Lanka imported $ 46.2 million worth of animal and vegetable oils, fats, and waxes.
“Sri Lanka’s confectionery and baking market imports palm shortening from Malaysia, which is tailor-made for Sri Lankan taste. If we were to look at developing derivatives produced by palm oil, we would be able to locally produce a product that is affordable for the local industries, and can save us forex,” Goonewardena said.
