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Press briefing of Cabinet Decision taken on 2017-07-04
Granting Incentives for Desiccated Coconut Millers
- In the export industry of coconut kernel based products, the desiccated coconut industry earns the highest amount of Foreign Exchange. The decline in the coconut harvest, as a result of the drought which prevailed from the beginning of the year 2017 and the rise in the price of coconut in the domestic market, the coconut production export has declined by about 25% in the 1st quarter of the year 2017 in comparison to the 1st quarter of the year 2016. As a result of the increase in the production expenditure concurrent to the price increase in the coconuts, the desiccated coconut millers have fallen into great difficulties and therefore, the proposal made by Hon. Navin Dissanayake, the Minister of Plantation Industries, to grant relief to the said millers utilizing a sum of Rs.50 million from the Mill Development Fund of the Coconut Development Authority, was approved by the Cabinet.