Coconut industry hit by imported palm oil

(November 03, 2009) Sri Lanka's major opposition United National Party (UNP) yesterday charged that the coconut industry in the country was in serious trouble with 60 percent of coconut mills in the North Western province alone having been closed down.

Opposition Leader of the North Western Province Shamal Senarath told a news conference yesterday that the coconut industry is in dire state because the excessive importation of palm oil to the country. He alleged that the import duty on palm oil had been reduced to 5 percent from 28 percent in order to satisfy a few businessmen who import palm oil and have state patronage.

The government had not taken meaningful measures to revive the coconut industry despite Minister of Nation Building Salinda Dissanayake who is in charge of the subject threatening to submit his resignation if no effective steps are taken to revive the dying industry, he said.

Posted in coconut industry , palm oil , Sri Lanka