Press briefing of Cabinet Decision taken on 2023-12-18 (Subject to Confirmation at the next Meeting)

Importation and processing of selected spices and re-exportation in the forms of oil extracts, oleoresins and spent

- There is a potential to earn higher revenue by exporting Sri Lankan spices as value added products other than exporting them in raw form. Requests have been made by several leading companies with the approval of the Board of Investment of Sri Lanka to import certain raw spice varieties enabling them to manufacture high value added products as a complete new product for the international market. Accordingly, the proposal made by the Hon. President in his capacity as the Minister of Investment Promotion to implement the procedure for importation and processing of selected spices and re‑exportation in the forms of oil extracts, oleoresins and spent, in order to provide the opportunity to the said manufactures to expand their market opportunities, was approved by the Cabinet.